Time to Buy LINK? $75M in Chainlink Moves to Crypto Wallet
Chainlink’s native token LINK is currently making waves in the cryptocurrency space, with growing interest from whales and long-term holders, according to on-chain analytics firm Coinglass.
Crypto whale adds $75 million worth of LINK
LINK’s on-chain metrics for spot inflows/outflows show that the exchange witnessed a massive outflow worth $75 million association. Further data revealed that this significant outflow occurred within the past three trading days.
In the cryptocurrency world, an “outflow” refers to the movement of assets from an exchange to a wallet, indicating that long-term holders are withdrawing their tokens. Furthermore, this massive accumulation indicates a potential upside rebound and an ideal buying opportunity.
However, this significant interest from cryptocurrency enthusiasts comes at a time when LINK appears to be struggling and experiencing price declines.
Current Price Momentum
Currently, LINK is trading near $27.22, with the price down more than 5.5% in the past 24 hours. During the same period, the asset’s trading volume fell by 18%, indicating that trader and investor participation was lower than in previous days.
LINK indicator flashes buy signal
Despite the continued price decline, on December 18, 2024, a prominent crypto expert posted on X (formerly Twitter) that the TD Sequential indicator was flashing a buy signal for LINK on the four-hour time frame. Indicating that the price may surge to $30.2 in the coming days.
Chainlink (LINK) Technical Analysis and Upcoming Levels
Currently, LINK has broken out of the consolidation area near the $28 support, turning market sentiment in a bearish direction. Based on recent price action, if this sentiment persists, there is a good chance that LINK will drop 20% to reach the next support level at $21.75.
Currently, LINK appears to be extremely nervous as it is very far from the 200 exponential moving average (EMA) on the daily time frame, which hints at a potential uptrend.
